Pelosi’s visit draws muted response from China so far; OPEC unlikely to boost supply; Truss extends lead over Sunak.
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FX Rates
August 3, 2022Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.
Source: BloombergGBP/USD 1.2198 GBP/EUR 1.1973 EUR/USD 1.0189 USD/CAD 1.2862 EUR/CHF 0.9756 EUR/SEK 10.4035 EUR/NOK 9.9216 EUR/DKK 7.4435 USD/ILS 3.3656 AUD/USD 0.6938 NZD/USD 0.6266 USD/SGD 1.3805 USD/JPY 133.18 USD/CNH 6.7601 USD/INR 78.8913 EUR/ILS 3.4290 GBP/ILS 4.1053 USD/ZAR 16.6777
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GBP
Liz Truss has extended her lead over Rishi Sunak. A YouGov poll of Tories put her 34 points ahead. Truss was forced into an early U-turn on civil service pay, which may impact future polling.
The FTSE was strengthened yesterday by landmark profits from BP. This bolstered calls for the UKs energy giants to face further windfall taxes as millions struggle to keep up with energy costs.
EURContracts for the DAX and Stoxx50 trade lower as geopolitical concerns build between the US and China, and energy crisis continues to threaten the economic outlook. EURUSD trades 0.1% higher.
USDHouse speaker Pelosi’s visit to Taiwan has angered Beijing. Beijing summoned the US ambassador and announced provocative military exercises. Pelosi has said her trip makes clear that the US will not abandon Taiwan. Stock and futures stabilised as China’s response was relatively muted.
Oil markets are sceptical that OPEC+ will boost supply, following last month’s trip by Biden. It is expected that the coalition will keep output steady through September.
ASIA/PACIFICChina halted some trade with Taiwan and banned dealings with some Taiwanese companies in response to Pelosi’s visit. China’s politburo told officials to ensure the completion of housing projects, which could see government funds used to bolster the housing market.
New Zealand’s unemployment unexpectedly rose from records lows in the second quarter.
ILSUSDILS trades 30-bps lower as we print, around 3.36.
Data & EventsEuro-area Services, Composite PMI
UK Services, Composite PMI
OPEC+ Output Meeting
Euro-area June PPI
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| Source: Bloomberg | |
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